AGM: Battling tough time Kribhco emerges stronger

There was optimism on the occasion of the 37th Annual General Meeting of the fertilizer behemoth Kribcho as the future prospect of growth looked bright. Delegates were hugely relieved as soon as the KRIBHCO Managing Director Nannapaneni Sambasiva Rao informed that after three years of tough time, the cooperative behemoth is inching towards growth and prosperity in the AGM held at NCUI auditorium in Delhi on Friday.

In his presidential speech KRIBHCO Chairman said the fertilizer co-operative has registered a profit (before tax) of Rs 190 crore during the year 2016-17 and disbursed 15 percent dividend to its members. The net worth of the cooperative has increased from 3,243 crore as on 31st March 2016 to Rs 3,305 crore as on 31st March 2017, he added while addressing a huge gathering of delegates drawn from all states across the country.

Yadav claimed despite challenging market and climatic conditions during the year 2016-17, the cooperative has performed well in all areas of its operations including production, financial management and marketing.

Krishak Bharat Cooperative has 61 KBSKs in UP, Haryana and Punjab states and intends to open 20 more Krishak Bharati Seva Kendras in the next financial year, Yadav said.

“Our Hazira Plant has achieved the highest ever production of Ammonia and Urea and your cooperative is able to maintain its second place in urea sales in country”, informed Yadav in his speech.

Speaking of future goals and target, Yadav said the cooperative plans to produce a few more types of bacterial strains like NPK-3. Presently, it is producing nine types of bacterial strains of Bio-Fertilizers. During the year 2016-17 it has sold 19,621 MT of compost and plans to increase it to 22,000 MT in the next fiscal year, he added.

He said” the hybrid seed has been playing an important role in Indian Agriculture in maximizing yield and providing quality seeds to farmers. The fertiliser cooperative has nailed a marketing tie-up down with a leading Hybrid Seed Company for marketing the KRIBHCO brand,” Yadav noted.

Meanwhile, KRIBHCO received US $ 9.25 million as dividend income from OMIFCO (A subsidiaries of fertilizer cooperative) during the financial year. The cooperative claimed 9.38 lakh MT Urea was dispatched to various destinations and a total of 8.75 lakh MT urea was sold.

KRIBHCO Managing Director Nannapaneni Sambasiva Rao presented the agenda before the delegates which was unanimously adopted and passed.